Friend.tech’s Goes Volume Down by 94%, Signals the End of Hype
In Brief
The Sudden Drop in Friend.tech’s Metrics – volume decrease of 94.8%
BASE Faces Stiff Competition from Arbitrum and Optimism
Is Friend.tech Really Dead or Poised for a Comeback?
Decentralized social network Friend.tech, experienced a precipitous decline in transaction volume, daily new users, and fee income in less than three weeks since its launch.
Critics and users on X (formerly Twitter) have declared the platform “dead”.
After hitting a peak of 20,360 daily new users on August 21, the platform saw the count plummet to a meager 1,811 on August 27. According to Dune Analytics, a data analytics service, the project’s metrics indicate a significant loss in popularity.
The fees generated by Friend.tech also dropped from a peak of $1.7 million on August 21 to $95,400 on August 27, suggesting a considerable decline in the platform’s finances.
Friendtech buyers and sellers tanking to 0
— Boxmining (@boxmining) August 28, 2023
GG Friendtech? pic.twitter.com/jmXKu41KDd
BASE is no longer a competitor to the big L2
Friend.tech’s decline has put BASE in a tight spot against Layer 2 rivals Arbitrum and Optimism. As of August 25, Arbitrum led the pack with 122,110 transacting addresses per day, followed by BASE and Optimism.
Friend.tech’s metrics dropped sharply, hinting at decline of its speculative hype.
While Friend.tech struggles to gain users, Arbitrum widens its lead over BASE, casting doubt on the app’s recovery.
RIP Friendtech
— Beanie (@beaniemaxi) August 26, 2023
August 2023-August 2023💀 pic.twitter.com/Fb0bh23Fyo
Friend.tech’s precipitous decline exposes the fleeting nature of its initial success, casting a shadow on its foundational stability. As Arbitrum and Optimism continue to outperform BASE, the prospects for the app appear increasingly grim.
With speculation waning as rapidly as it soared, Friend.tech and BASE are at a critical juncture. They now face a need for significant strategy overhaul to reclaim their fading prominence.
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About The Author
Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
